ZILLOW GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ZILLOW GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	847	1,077	1,334	2,743	1,624	2,132	1,958	1,945	2,236	2,583
Cost of revenue	69.3	85.2	154	1,544	255	323	367	421	527	668
Gross profit	777	992	1,180	1,199	1,369	1,809	1,591	1,524	1,709	1,915
Research and development	256	320	411	351	324	421	498	560	585	607
Selling and marketing	382	448	553	729	535	715	664	658	790	843
General and administrative	332	211	262	366	324	414	498	553	524	497
Operating income	-193	-162	-129	-247	109	239	-93	-270	-197	-34
Interest expense	7.41	27.5	41.3	102	138	128	35	36	36	18
Pre-tax income	-220	-184	-151	-310	-3	101	-85	-154	-107	25
Income tax	0.13	-89.6	-31.1	-4.26	-8	-1	3	4	5	2
Income from continuing operations					5	102	-88	-158	-112
Net income	-220	-94.4	-120	-305	-162	-528	-101	-158	-112	23
EBITDA	-92.3	-51.7	-29.6	-160	220	369	64	-83	43	230
EPS, basic	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09
EPS, diluted	-1.22	-0.51	-0.61	-1.48	-0.70	-2.02	-0.42	-0.68	-0.48	0.09
Shares, basic (weighted)	180	186	198	206	224	250	242	234	234	242
Shares, diluted (weighted)	180	186	198	206	231	262	242	234	234	254

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	244	352	651	1,141	1,703	2,315	1,466	1,492	1,082	768
Short-term investments	264	410	904	1,281	2,218	514	1,896	1,318	776	527
Receivables	40.5	54.4	66.1	67	69.9	77	72	96	104	149
Other current assets	34.8	24.6	61.1	58.1	75.8	140	126	140	210	287
Total current assets	583	842	1,893	3,510	4,965	7,680	3,603	3,149	2,334	2,122
Property, plant and equipment	98.3	112	135	170	196	215	271	328	360	350
Lease right-of-use assets				212	188	130	126	73	59	56
Goodwill	1,923	1,931	1,985	1,985	1,985	2,374	2,374	2,817	2,823	2,823
Intangible assets	527	320	216	191	94.8	176	154	241	207	279
Other non-current assets	17.6	25.9	16.6	18.5	7.18	3	12	21	21	28
Total assets	3,150	3,231	4,291	6,132	7,487	10,695	6,563	6,652	5,829	5,685
Accounts payable	4.26	3.59	7.47	8.34	19	11	20	28	30	36
Accrued liabilities	38.4	61.4	63.1	85.4	94.5	89	90	107	105	134
Deferred revenue	29.2	31.9	34.1	39.7	49	51	44	52	62	69
Total current liabilities	97.2	118	287	921	909	3,882	270	971	831	679
Long-term debt	367	385	699	1,543	1,614	1,319
Lease liabilities				220	208	148	139	95	83	79
Other non-current liabilities					14.9	5	12	60	67	43
Total liabilities	616	570	1,024	2,697	2,745	5,354	2,081	2,126	981	801
Total debt	367	385	699	1,543	1,614	1,319
Paid-in capital	3,031	3,254	3,940	4,412	5,881	7,001	6,109	6,301	6,733	6,741
Retained earnings	-497	-592	-672	-977	-1,139	-1,667	-1,612	-1,770	-1,882	-1,859
Other comprehensive income	-0.24	-1.1	-0.91	0.34	0.16	7	-15	-5	-3	2
Shareholders' equity	2,534	2,661	3,267	3,435	4,742	5,341	4,482	4,526	4,848	4,884
Total equity	2,534	2,661	3,267	3,435	4,742	5,341	4,482	4,526	4,848	4,884
Total liabilities and equity	3,150	3,231	4,291	6,132	7,487	10,695	6,563	6,652	5,829	5,685

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-220	-94.4	-120	-305	-162	-528	-101	-158	-112	23
Depreciation and amortization	101	110	99.4	87.5	111	130	157	187	240	264
Stock-based compensation	107	114	149	199	197	312	451	451	448	390
Deferred income tax	0.13	-89.6	-31.3	-4.66	-8	-3	0	0	1	2
Change in receivables	-13.3	-21.2	-12.6	-3.69	-7	-82	82	-24	-8	-45
Change in inventory	0	0	-163	-674	345	-3,827	3,904	0	0
Change in payables	0.86	-0.37	1.31	-0.5	13	5	3	6	2	6
Cash from operations	8.65	258	3.85	-612	423	-3,177	4,504	354	428	368
Capital expenditures	-62.1	-66.7	-66.1	-67	-85	-74	-115	-135	-143	-133
Acquisitions	-16.3	-11.5	-55.1	0	0	-497	-4	-433	-7	0
Purchases of investments	-175	-407	-902	-1,495	-3,287	-516	-2,191	-664	-706	-211
Sales and maturities of investments	199	259	399	1,126	2,232	2,206	802	1,287	1,042	411
Cash from investing	-65.7	-247	-623	-456	-1,038	1,088	-1,533	25	395	-6
Stock issued	0	0	360	0	412	545	0	0	212	188
Share buybacks				0	0	-302	-947	-424	-301	-670
Cash from financing	71.5	97.7	930	1,636	1,163	3,148	-4,341	-352	-1,233	-674
Net change in cash	14.5	109	311	567	548	1,059	-1,370	27	-410	-312
Free cash flow	-53.4	191	-62.2	-679	338	-3,251	4,389	219	285	235
Interest paid	6.33	9.2	15.5	42.2	51	109	50	28	35	18
Income taxes paid					0	0	6	6	6	3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.9%	Gross profit / revenue.
Operating margin	0.4%	Operating income / revenue.
EBITDA margin	9.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.1%	Pre-tax income / revenue.
Net margin	2.0%	Net income / revenue.
FCF margin	9.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.8%	Cash from operations / revenue.
Effective tax rate	8.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.
Return on invested capital (ROIC)	0.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	21.7%	Research and development expense / revenue.
Stock-based pay / revenue	12.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.6%	Capital expenditures / revenue.
D&A / revenue	9.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	434.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	53.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-56.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-17.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-62.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	8.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.92x	Current assets / current liabilities.
Quick ratio	0.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.75x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	18.8%	Total liabilities / total assets.
Interest coverage	0.67x	Operating income / interest expense.
Working capital	$835.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	58.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	7.89x	Revenue / average property, plant and equipment.
Receivables turnover	16.1x	Revenue / average receivables.
Days sales outstanding	23 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.
FCF conversion	469.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	33.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.33	Revenue / diluted weighted shares.
FCF per share	$1.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.70	Cash from operations / diluted weighted shares.
Book value per share	$18.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.36	Tangible book value / shares outstanding.
Cash per share	$2.99	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	424.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.59B	Share price x shares outstanding.
Enterprise value	$5.91B	Market cap + total debt - cash - short-term investments.
P/E	120x	Market cap / net income. Only when net income is positive.
P/S	2.34x	Market cap / revenue.
P/B	1.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.39x	Market cap / tangible book value, when positive.
P/FCF	25.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.0x	Market cap / cash from operations, when positive.
EV/Sales	2.10x	Enterprise value / revenue.
EV/EBIT	492x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	16.6%	(Dividends paid + share buybacks) / market cap.

What was ZILLOW GROUP, INC.'s revenue in fiscal 2025?

ZILLOW GROUP, INC. reported revenue of $2.58B for fiscal 2025, 15.5% higher than the year before.

Was ZILLOW GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $23.0M, a net margin of 0.9%.

How much free cash flow did ZILLOW GROUP, INC. generate in fiscal 2025?

Cash from operations of $368.0M minus capital expenditures of $133.0M left free cash flow of $235.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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